Dogecoin (DOGE) Faces Resistance and Pauses for Now

Dogecoin has experienced a correction in its price, trading recently below $0.1450 against the US Dollar. Currently, DOGE is holding steady at the $0.1420 support level and may be poised for a new upward movement.

Key Takeaways

Dogecoin (DOGE) began a downward correction after failing to surpass the resistance at $0.1520.
The cryptocurrency is currently trading above $0.1420 and the 100-hour simple moving average (SMA).
A bullish trend line has formed, providing support at the $0.1420 level in the DOGE/USD hourly chart from Kraken.
As long as DOGE remains above $0.1400, it has potential for further price increases.

Dogecoin Meets Resistance

Dogecoin Price Looks to Rise Again

Dogecoin has begun a correction in price after not being able to break through the $0.1520 level, similar to trends seen in Bitcoin and Ethereum. The price declined below both the $0.150 and $0.1450 thresholds.

Currently, DOGE is approaching the 50% Fibonacci retracement level of the recent upward movement, which spanned from a low of $0.1348 to a peak of $0.1512. Nonetheless, buyers have remained active, supporting the price near the $0.1420 level. Furthermore, a bullish trend line is taking shape with reinforcement at this same mark on the DOGE/USD hourly chart.

As it stands, Dogecoin's price is trading above $0.1425 and the 100-hour moving average. The immediate upside resistance level lies around $0.1450, with the first significant hurdle for buyers at approximately $0.150.

Dogecoin Price Analysis
Source: DOGEUSD on TradingView.com

The following major resistance level is around $0.1510. If the price consistently closes above this level, it may encourage an increase towards $0.1550. Further momentum could potentially drive the price to $0.1765, with a pivotal target for bulls at $0.1850.

Potential Declines for DOGE?

If Dogecoin's price cannot break above the $0.1450 resistance, a decline may follow. Initial support can be found at the $0.1420 mark and the trend line. Significant support lies near $0.1410 and the 61.8% Fibonacci retracement level of the earlier climb from the $0.1348 low to the $0.1512 high.

The critical support level is at $0.1350. If the price drops below this support, it could lead to further declines, possibly bringing the price down to $0.1320 or even $0.1305 soon.

Technical Indicators

Hourly MACD: The MACD for DOGE/USD is currently showing bearish momentum.
Hourly RSI (Relative Strength Index): The RSI indicates that DOGE/USD is below the 50 level.
Key Support Levels: $0.1420 and $0.1410.
Key Resistance Levels: $0.1500 and $0.1510.

This revision presents a straightforward analysis of Dogecoin's current market behavior and potential future movements, catering to both novice and seasoned investors.